A sneak peek into three of the most exclusive and sought-after areas of Miami. Insight and exclusive details on how the rich and famous populate this ever-changing city.
In recent years, Miami has undergone a notable change, both in terms of property values and in terms of population. Before, Miami was mainly considered a holiday and entertainment destination, now it is becoming more and more a business center and technological hub. For a recent example, the news of the relocation of Citadel, one of the largest investment funds in the world, from Chicago (historic headquarters) to Brickell, Miami. Like Citadel, countless other business and technology companies have moved offices and workers to South Florida and primarily to Miami. This phenomenon has resulted in a flow of incoming capital which has changed the characteristics of this city. More and more projects and constructions are in progress, the skyline changes and the inflows of wealth, contribute to the constant increase in prices and the cost of living.
But what are the most sought-after areas by entrepreneurs, managers, CEOs of these corporate relocations?
When drawing up a ranking of the most exclusive and popular areas of Miami, we should use three factors. The first is the scarcity of inventory, usually the most privileged areas have by definition a poor supply or inventory of properties. The second factor in distinguishing exclusivity and popularity would be the price, and the third is the average wealth of the area, quantifiable with the average per capita income.
Considering these three elements, the first in the ranking is the island of Indian Creek. Spread over 297 acres, it is almost entirely occupied by a luxurious Country Club and golf course.
The last census reported an overall population of 86 people (in 33 families). Today it consists of only 41 residences, none of which are for sale. The only property on the market at the time that this article is written, is a lot of land of about 53,819 sq. ft. for a whopping 59 million dollars. Indian Creek is the neighborhood where Ivanka Trump and Jared Kushner bought a luxury villa in April 2021 for 24 million dollars, a price that is far from high considering the average for the area. The highest price recorded in recent years is that of another villa, at 3 Indian Creek Dr, which sold for 47 million.
What makes Indian Creek so desirable is – on the one hand – the scarcity of inventory and – on the other hand – the perfect geographic conformation of the island. The villas are in fact located between an extensive and well-kept golf course and the bay, with the possibility of hosting mega yachts and with close access to the ocean. The ideal place for an unrivaled lifestyle.
On the podium among the most desirable destinations in Miami, we can also include Fisher Island.
Extended to 173 acres, it was populated in the 2020 census by 561 people. The characteristic of this island right at the entrance to the port of Miami lies in the fact that it has no physical connection to the mainland. The only way to reach Fisher Island is via a ferry, funded by the island’s own residents, which crosses the Port of Miami channel on average every 5-10 minutes to transport residents and their vehicles.
In order to access the island you must be registered and authorized, inside there is a school, supermarkets, restaurants, and every service necessary for daily life. Fisher Island’s primacy lies in per capita income. Considered to be the richest zip code in America (33109), Fisher Island boasts a population that averages $ 2.2 million a year per capita. The record sale on Fisher Island was a Penthouse purchased in April 2022 for $ 30 million, and to date, the most expensive property is proposed for $ 36 million.
Last but not least, South of Fifth, also known as SoFi.
Stretching from Fifth Street to South Pointe Park, in Miami Beach, this neighborhood has the shape of a triangle (also called the Golden Triangle) surrounded by water, the ocean on the east side, and the bay to the west, overlooking Fisher Island. It is not exactly a residential area, rather it is famous for restaurants and nightlife, and there are no single villas in South of Fifth, but it is the area where some of the most exclusive and coveted luxury skyscrapers stand, including for example the Continuum and the Apogee (where celebrities such as Pat Riley and Michael Caine have lived). To give some examples to date, the entry level cost for an apartment of 3770 sqft the Apogee is 16 million dollars, while at the Continuum you can buy an apartment of 1292 sq ft for a price of about 4 million dollars.
There are many other areas and small niches in Miami suitable for the elite of the wealthiest part of the population, including but not limited to; Star Island, Venetian Islands, and Biscayne Point. What is certain, is that the wealthy of America will always find a warm welcome and a luxurious setting for a home in Miami.